Regulations Governing Securities Investment Trust Funds Article 63

When a custodian institution is unable to continue performing its custodial obligations for a fund due to dissolution, suspension or termination of business or the cancellation or voiding of its business approval, the SITE shall seek another custodian institution to succeed to those custodial obligations, subject to the approval of the FSC.When a SITE is unable to find a successor custodian institution in accordance with the preceding paragraph, another custodian institution will be designated as successor by the FSC; the designated custodian institution may not refuse succession except when, with legitimate reason, it reports to and receives approval from the FSC.When a custodian institution is obviously deficient in performing its custody obligations for a given fund, the FSC may order it to transfer custody of the fund to another FSC-designated custodian institution.When a custodian institution resigns from its custodial obligations for a given fund, requiring that a change to another custodian institution be made by means of consultation with the managing SITE or through a resolution of the beneficiaries' meeting, prior approval for the transfer shall be obtained from the FSC.The successions, transfers, or changes referred to in the preceding four paragraphs shall be announced by the SITE.Prior to a designation or an order from the FSC under paragraph 2 or paragraph 3, consultation with other custodian institutions for the purpose of finding a successor may be undertaken by the Trust Association.